In the first quarter of 2010, Prudential Douglass Elliman reports 2384 transactions happened in Manhattan – a 99.5% increase in volume from the same 2009 period.
The median price for an apartment in the first 2010 quarter was $868,000. This figure is 11% lower compared to the same period last year and 7.2% higher than the last 2010 quarter.
The luxury market is giving positive signs with many high priced sales happened in the last few months.
Interesting to note is the psychology behind sophisticated buyers: During the worst of the crisis there were several cash-loaded big CEOs that could not make a trophy purchase for the reason that their company was reducing costs, like headcounts, and therefore they could not afford to face the public rage that an act like would have generated. Nowadays, the situation has changed, and many have decided to buy. This means that it is now considered once again socially acceptable to invest in a luxury property.

A new building worth talking about is a condo that has been built on 5th Avenue at the intersection of Central Park North.
Designed by Robert A.M. this is one of the very few condos (3 to be exact) north of 86th Street on the famed 5th Avenue.
The first floor of the building will be dedicated to the Museum Of African Art, an extremely desirable location since it sits right on Museum Mile where strip of museums extend from the Metropolitan to up north on 5th Avenue.
We are indeed considering an interesting building given its position and what it has to offer especially since its neighbors located few blocks south are asking an additional 50% or more in terms of pricing.
One-bedroom apartments start at $829,000, two bedroom at $1,380,000.
This condo also offers a rooftop pool, a gym, a recreation room for kids, lounge area, parking and refrigerated storage.
It is an addition to the special selection of buildings on Central Park that participates in the gentrification and new development of Harlem, a neighborhood with a rich history and a bright future ahead.

Some say: the worst days are over…and I agree.
In terms of the rental market, a reliable gauge of the real estate market health, we are going back towards a situation of no incentives offered to renters. This is especially true in the most sought areas (like west village or soho) while we still note that incentives are offered in less central neighborhoods.
In fact, few months ago was common rule among building owners to offer for example: one month free rent, Amex gift cards, gym memberships or transportation to the closest subway.
There is definitely a healthy demand for rentals right now.
Another positive factor is financing becoming available to structured investors willing to purchase entire buildings.
Owners of rental buildings are getting ready to convert them to condos since we are already witnessing a sensible decrease in inventory in the well established neighborhoods. One of the projects owned by Stellar Management will be Embassy Towers on 47th Street and Second Avenue where prices will start at around $800 per Square Foot.

This is it for today, dear readers.
I am looking forward to assisting you in buying your piece of the Big Apple.
Do not hesitate to ask for preliminary information!

Till next time.

Best Regards,
Riccardo Ravasini